Grocery-Anchored Center in Dublin Could Sell for $105MM

Tri-Valley, San Francisco, Bay Area, CBRE, Fallon Gateway Shopping Center, Dublin, Stanforth Holding Company

By Jon Peterson

Dublin-based Stanforth Holding Company has brought to the market for sale the 200,888 square foot Fallon Gateway Shopping Center in Dublin. The sales price on this asset could be around $105 million, according to sources familiar with the property.

The seller has hired CBRE Retail Capital Markets to be the listing agent on the sale.

“Fallon Gateway is an institutional quality San Francisco Bay Area investment opportunity owned and operated by the original developer. The center is strategically located in the path of growth and will only improve with time and increasing residential density,” says Jay Gomez, a senior vice president with CBRE, in a prepared statement.

Tri-Valley, San Francisco, Bay Area, CBRE, Fallon Gateway Shopping Center, Dublin, Stanforth Holding CompanyThe listing agent believes now is a good time to bring the property up to market for sale. “The asset is now fully developed, and there is no other major shopping center in the Dublin market that is up for sale,” says Lindsey Snider, a vice president with CBRE. Gomez and Snider are part of CBRE’s Bay Area Retail team that is working on the sale. The other people involved are James Kaye and Matt Kircher.

The shopping center was developed over phases between 2011 and 2016. The asset is now 96 percent occupied. Given that it’s a newer property with high occupancy, it is poised to attract core kind of buyers on the sale.

The asset is located at 2800 Dublin Boulevard. Some of the retailers in the center include a 50,000 square foot Lucky’s California grocery store, Dick’s Sporting Goods, PetSmart and Guitar Center. The center also has a Target store, which is not involved in the sale. The asset is located directly across Interstate 580 from the 697,000 square foot San Francisco Premium Outlets retail center.

The Tri-Valley trade area for Fallon Gateway has over 220,000 people with an average household income in excess of $152,000 within a five-mile radius. This demographic composition is a strong indicator of the center’s viability today and in the future. “We believe that these figures are showing very strong market demographics for the shopping center,” added Snider.

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